This incident has been resolved.

Our internal monitoring tools are showing that Cloud Storage connectivity has recovered for the most part.
We are continuing to monitor for further issues.

We are continuing to monitor for any further issues.

Microsoft has rolled out a fix. We are continuing to monitor the status and expect Cloud Storage functionality to be coming back to normal.

An ongoing outage of Microsoft Azure AD is affecting connectivity to Cloud Storage Services.
Microsoft has engineering teams engaged and are currently investigating.
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https://status.azure.com